San Francisco-based blockchain developer team Movement Labs is set to close a $100 million funding round as the company seeks fresh capital amid a resurgent crypto market.

The Series B round will value the blockchain developer behind Movement, an integrated blockchain network and layer 2 on Ethereum (ETH), at $3 billion, Reuters reported on Jan. 8. 

Crypto-focused venture capital firm CoinFund led the financing round, with participation from London-based investor Brevan Howard. Investors in the round are expected to receive both equity stakes and Movement (MOVE) tokens.

Movement’s significant capital raise highlights growing interest from the investing world in crypto startups. Key drivers include easing regulatory pressure, particularly as the U.S. embraces a more pro-crypto environment, alongside bullish market sentiment. Macro factors such as interest rate cuts have also encouraged venture capital firms to back blockchain innovation with sizable investments.

For Movement Labs, the $100 million funding adds to the $38 million it raised in April 2024. At the time, the Series A round, led by Polychain Capital, aimed to fund the company’s initiative to bring Facebook’s Move language to Ethereum.

Founded in 2022, Movement Labs focuses on solutions to smart contract vulnerabilities and improving transaction throughput within the Ethereum ecosystem. Its blockchain offering includes a zero-knowledge layer 2 network designed to enhance parallelization and smart contract security.

The company plans to use the new funding to expand its product offering, grow its presence in the Asia-Pacific region, and recruit new talent. Movement previously raised $3.4 million in a pre-seed round in September 2023 and recently launched its native token, MOVE.